In 2021, Deloitte has announced a number of collaborations in the financial domain, teaming up with Volante to integrate cloud-based technology into its payment solutions and transaction workflow offering, as well as with open-source blockchain Avalanche to create more efficient disaster relief platforms. The company most recently expanded its collaborations to include a joint effort with an Israeli cybersecurity startup incubator to develop and implement cutting-edge technologies for financial services.
Team8, which specializes in providing startups with support and domain expertise in addition to capital, announced the effort in a press release. Through its Catalyst group, Deloitte works to enhance innovation opportunities for startups, while Team8 specializes in partnering with entrepreneurs to build cutting-edge fintech businesses. The collaboration will involve connecting Team8’s fintech startups with Deloitte’s extensive capabilities in consulting, audit, tax, and advisory services, as well as its clients, including nearly 90% of all Fortune 500 companies.
“FinTech is a complex industry where innovation needs to sit alongside a deep understanding of the businesses' domain, regulations, privacy issues and cyber threats,” said Team8 Managing Partner Rakefet Russak-Aminoach. “Today, it’s not just financial services firms exploring FinTech solutions, but also non-financial firms. Both need to be able to access the right combination of financial technology and financial expertise as they grow their offerings.”
The effort will help Team8’s startups leverage new technologies, understand pain points, identify new opportunities, and speed time to market while benefiting Deloitte’s clients. As part of the joint effort, the pair will explore emerging trends and innovations driven by fintech companies in the tax sector, culminating in the publication of a joint report scheduled for release in the coming months.
With fintech startups raising a staggering $94.7 billion in private investment by Q3 2021, nearly double the $48.4 billion raised in 2020, the opportunities are great for businesses to engage with focused, well-prepared startups to maximize digital transformation outcomes. This latest collaboration marks the continuation of Deloitte’s strategy of partnering with innovative firms to continue its development of new fintech opportunities for both established financial institutions and market disruptors.